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Real estate investment trusts company · WA · FY ends Dec · Revenue $6.87B · 11.63% margin · $492M FCF
$23.71
$0.80 (-3.26%)
Price from 4 days ago
10.59% operating margin is respectable but not wide. ROIC at 3.84%. Suggests the business covers its cost of capital, but doesn't point to a wide moat.
Revenue declined 3.1% YoY. The question is whether this is cyclical or a structural shift.
At 42x earnings, the current multiple leaves limited room for execution misses or growth deceleration. Free cash flow declined 47% versus the prior year, cash generation momentum has weakened.
42.3x earnings, 34.8x FCF. The market is pricing in years of above-average growth. If that thesis breaks, downside from multiple compression alone could be 30%+. This is a stock where you're paying for the future, not the present.
Based on TTM earnings · Diluted shares
Profitability & Returns
Revenue (TTM)
$6.87B
▼ -3.1% YoY
Net Income (TTM)
$397M
▼ -18.2% YoY
Op. Margin
11.63%
▲ +1.0pp YoY
ROIC
4.37%
▼ -0.5pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
$492M
▼ -46.5% YoY
Op. Cash Flow (TTM)
$544M
▼ -44.2% YoY
Net Debt
$4.75B
Cash & Equiv.
$299M
5Y CAGR: -1.7%
5Y CAGR: -19.1%
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